Bolsas y Mercados Españoles
Reform of the Clearing, Settlement & Registry System



BME Group is currently implementing the Reform of the Clearing, Settlement & Registry System in Spain.

The reform introduces three fundamental changes that, in turn, involve a number of operating modifications. Such changes are as follows:

  1. A new registry system based on balances.
  2. The introduction of a new Central Counterparty (BME Clearing).
  3. Integration of the current CADE & SLCV into a unique platform.

Spanish equity markets will be structured around three infrastructures:

  • SIBE Trading Platform,  
  • The new Central Counterparty for equity (new segment around BME CLEARING)
  • The Central Securities Depository (IBERCLEAR)

The new system implementation will take place in two phases:

  1. First phase: 27 April 2016, CCP implementation and migration of the Equity settlement system to the new platform.
  2. Second phase: 18 September 2017 incorporation of the Fixed Income settlement system to the new platform and migration to T2S.

Information for Members

As a result of these changes, various operating modifications will take place. To mention a few:

  1. Entities (financial institutions) will be able to be members of one, two or even three of the new infrastructures.
  2. Each Stock Exchange member will need to sign a contract with a General Clearing Member of the CCP (with the exception of the same entity being member of both infrastructures).
  3. Each CCP Member will need to sign a contract with, at least, an    IBERCLEAR Settlement Participant (with the exception of the same entity being member of both infrastructures).
  4. There will be Individual Accounts, in both the CCP and the Central Securities Depository,
  5. The CCP will make the netting of transactions (trades) possible before generating settlement instructions.
  6. IBERCLEAR will implement and manage an optimization procedure that will enable the maximization of settled transactions in the exceptional occasions in which a delay of delivery of securities, occurs.
  7. The current Collective Deposit will be replaced by the CCP guarantee system (Default Fund).
  8. Communications between Participants and infrastructure members will be managed by an ancillary system (named “PTI” Post-Trading Interface) that will simplify their requirements and work.
  9. The system will be more flexible, for example:

    • It will be possible to settle in the CCP accounts in gross or net value.
    • There will be different classes of Members, with the possibility to become Ordinary Trading Member or Segregated Trading Member.

The market model, in relation to the trading platforms, will experience no modifications as a consequence of the reform, though it will imply some changes in the Trading Members systems:

  1. Change in the trading procedures: modifications in the communication protocols of the trades to the trading platform to add new optional information on the clearing side. 
  2. Change in the post-trading procedures: the procedures will be adapted to enable the new functionalities and contents that must be incorporated due to the reform.
  3. It might be necessary to put controls in place over the activity between Trading and Clearing Members.

Information documents


A Reform Coordination Unit (UCR) – help desk - is in place to help Stock Exchange & BME Clearing Members, as well as IBERCLEAR Participant entities, with the reform. Please address them to answer any doubt or request additional information.



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